China Merchants' Research Reports indicate that Changzhou Xingyu Automotive Lighting Systems (601799.SH) is a leading domestic manufacturer of automotive lamps, which has focused on the production of automotive lighting for 30 years, accumulating deep technological expertise and a solid customer base. Future development is promising. As the company continues to advance projects such as ADB, DLP headlights, and ambient lights, the value per vehicle gradually increases; continuous improvement in new product production capacity layout ensures smooth product and customer development, and orders on hand are progressively entering mass production; the Serbia factory is accelerating contributions to the company's overseas performance. It is expected that the company will achieve a net income of 1.43/1.88/2.33 billion yuan for the years 2024-2026, maintaining a 'Strongly Recommended' rating.
招商证券：星宇股份未来发展可期，维持“强烈推荐”评级
China Merchants: The future development of Changzhou Xingyu Automotive Lighting Systems is promising, maintaining a "strongly recommend" rating.
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